ISO 20022 – New standard for payments: What does it mean for your business?

It may not be immediately apparent, but Sweden is in the midst of an extensive modernization of its payment infrastructure. At the heart of this is the transition to ISO 20022, a global standard for financial messages that replaces older formats such as SWIFT MT and Bankgirot's LB, KI, and BgMax files. In this article, we provide an update on the rollout and how it actually affects you and your business. We also provide an update on the P27 project, which we wrote about back in 2021. Has the project been completely abandoned, or is there still an ambition to create a common payment platform in the Nordic region?

What does ISO 20022 mean?

ISO 20022 is an XML-based file format that enables more structured and detailed information in payments. It is already used in many countries and will become the standard in Sweden for both domestic and international payments. However, ISO 20022 is not new in itself; the standard began to be used as early as 2004. One example of this is SEPA payments, which have been based on the standard since their inception in 2008. SWIFT payments have also largely already transitioned to the new standard, and the transition will be complete on November 22, 2025, when the coexistence period ends. After that, all payment instructions for international payments must be made in accordance with the new message standard.

So what is the timeframe for the rollout in Sweden? That is a little more difficult to answer precisely. To a large extent, the transition has already taken place, with the Riksbank's system switching to the new standard, but for certain forms of payment, such as bank giro payments, the transition will take place in the near future. Since the ambition of a joint rollout in the Nordic region through P27 was abandoned, each bank now has its own timeframe for exactly when and how the transition will take place.

Although the P27 project never came to fruition, Nordic cooperation is not entirely dead. The Nordic Payment Council, which was founded in 2018 to harmonize the payment infrastructure in the Nordic region, has produced a guide for the implementation of ISO 20022 in the Nordic countries. The new regulations, NPC Credit Transfer Rulebook, are based on the Euro EPC Credit Transfer Rulebook, which means that our new Swedish payment infrastructure will be in line with that of our closest neighbors and the eurozone countries.

P27 – part of a modernized Bankgiro

Early in P27's journey, Bankgirot was acquired. Since the 1960s, Bankgirot has been a hub in the Swedish payment infrastructure and was an important component in rolling out a new standard for the Nordic countries. When the company was forced to throw in the towel on the project in 2023 and withdrew its application for its own clearing license, it instead charted a new course that included a modernized Bankgiro. Work is still ongoing here, and with the exception of Bankgirot's Autogiro and E-faktura, the plan is to completely transition to ISO 20022 in 2026.

The Bankgirot products that are planned to be phased out completely in 2026 include Supplier Payments, Bg Salary, Bankgiro Value Notification, and Bankgiro Payments (including Image Files). As a result of the implementation of ISO 20022, it will also no longer be possible to send payment files to or retrieve reports from Bankgirot. Instead, new solutions for payments and file communication will be offered via the respective banks. However, payments via Bankgiro numbers will continue to function in the new infrastructure.

Status of the transition in Sweden

The rollout of ISO 20022 in Sweden is ongoing. Below is a summary of the steps already taken and the plans for the future:

• The Riksbank's RIX-INST system, which handles real-time payments, was launched in 2022 and was built directly on ISO 20022 from the outset. Since February 2024, Swish has also been operating on RIX-INST, where Bankgirot's BiR (Real-time Payments) system was previously used.
• The Swedish Central Bank's RIX-RTGS system, which handles real-time settlement of large payments, successfully migrated to the ISO 20022 format in May 2025. Scheduled payments between banks in Sweden are made via RIX-RTGS, for example.
• Bankgirot's older file formats, with the exception of Autogiro and E-faktura, will be phased out completely in 2026.
• Many Swedish banks already offer ISO 20022-compatible services while continuing to support existing formats in parallel during a transition period.
• The Swedish transformation program provides a good summary of the rollout plan for the various banks, which can be found here along with other useful information.

What do you need to consider as a company?

With Bankgirot set to transition to the new standard in 2026, it is high time for companies to examine how they will be affected. Below are a few steps to ensure that you are not negatively impacted by the transition:

1. Check business and financial systems – Ensure that your business and/or financial systems can handle ISO 20022 XML files.
2. Plan for system updates – If you use older software or Bankgirot's services directly, you will need to switch to the bank's own solutions.
3. Test file formats – Banks often offer test environments where customers and business partners can ensure that the new files are correctly formatted. Check with your bank and your business system to find out what options are available and what tests have been carried out.
4. Communicate with your bank – Find out what new services are available and how the transition will affect your current payment flows.

Benefits of ISO 20022

In addition to providing a uniform standard throughout the EU, and to a large extent globally, the transition offers several advantages in itself:

• More detailed information in the payment file
• Better automation and reconciliation
• Improved regulatory compliance (e.g., KYC and AML) and increased transparency
• Possibility of faster payments where the standard supports real-time payments

Risks associated with late adaptation

Companies that fail to adapt in time risk:

• Unable to send or receive payments
• Few rejected files due to incompatible formats
• Need to make quick and costly system changes

How does this affect payment control and the possibility of automated transaction analysis?

At Betalkontroll, we love structured and reliable payment information, and ISO 20022 gives us more of that. A standardized format increases our ability to offer stable and valuable transaction analysis.

ISO 20022 is a messaging standard for payment files and does not affect the design of payment proposals, which is controlled by the respective business system. If you use payment proposals in Betalkontroll, the impact will be limited. However, there may still be reasons to review how your bank and business and financial systems are adapting to ISO 20022 to ensure that you do not encounter any problems with your payment files.